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| Company type | Private |
|---|---|
| Founded | 2015 in Singapore |
| Founders | Aaron Tan, Aditya Lesmana, Kelvin Chng |
Area served | Southeast Asia |
| Website | carro |
Carro is an online marketplace for buying and selling new and used cars headquartered in Singapore and operates in Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong. [1]
Carro was co-founded in 2015 by Aaron Tan and his Carnegie Mellon University classmates Aditya Lesmana and Kelvin Chng. [2] [3]
In 2016, Carro received $5.3 million in a series A funding round led by Venturra Capital and other investors including Golden Gate Ventures, Alpha JWC and GMO Ventures. [4] In May 2018, Carro raised $60 million in a series B round led by Softbank Ventures Korea, Insignia Ventures Partners, Singtel Innov8 and B Capital Group. [5] [6] In August 2019, Carro raised $30 million in a round of series B funding and used the funds to acquire the Indonesian e-commerce site Jualo.com. [6] In September, Carro announced the inception of its operations in Malaysia through a $30 million investment into the car-bidding online platform Carro Malaysia (formerly myTukar). [7] [8]
In June 2021, Carro received $360 million in a C funding round which raised its valuation to $1 billion led by SoftBank. [3] [9] [10] In November, Singapore state investor Temasek Holdings and Malaysian fund manager and Permodalan Nasional Berhad (PNB) led a Series C round for Carro which raised more than $100 million, other investors included Sime Darby, Shinhan Financial Group and Mirae Asset. [11] [12]
In June 2022, Carro acquired a 50% stake in the rental unit of the Indonesian automotive group, PT Mitra Pinasthika Mustika (MPM Rent) for nearly $54 million. [13] In March 2023, Carro added EMPG, the parent company of Kaidee, to its cap table. [14] In June, Carro entered into a partnership with Jardine Cycle & Carriage (JC&C) valued at more than $60 million. [15] In March 2024, Carro started its operations in Hong Kong by the acquisition of the used car market Beyond Cars. [1]
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